EBS Direct 2.0 is a low latency relationship based trading platform. This document represents a FIX 4.4 compliant specification for market takers to consume liquidity from EBS. It should provide Connectivity Analysts and Developers with the detail needed to integrate quickly with the EBS Direct platform using the FIX API. 

To get connected as soon as possible to EBS Direct 2.0, please download our FIX Data Dictionary (XML) and navigate to additional topics:

Supporting Documentation

Some FTC documentation is available from the FTC website.  See also:

Session Requirements

There are two types of FIX session:

  • M - Market Data (ESP)
  • O - Orders (ESP)

Market Data sessions are used to subscribe to and receive Market Data. Orders related to ESP prices are submitted down a dedicated Trading session. Currently a given session can only be associated with a single Floor Code.

Products Supported

Instruments Supported

EBS supports FX pricing and trading in the following products:

  • Spot
  • Precious Metals

Order TIFs

The following TIFs are supported:

  • Day
  • Good Till Cancel (GTC)
  • Immediate or Cancel (IOC)
  • Fill or Kill (FOK)

Order Types

Only Limit orders are supported.

Tenor and Settlement Dates

The following standard tenor codes are supported:



On Market Data (ESP) and Trading flow Currency is always base.

EBS does not support inverted exchange rates (eg. JPY/USD)

Pricing Models

EBS supports both the ability to stream prices continuously with Market Data (ESP), there are a range of market views including:

  • Both aggregated and non-aggregated pricing.
  • Sweepable and Single Ticket (aka Full Amount) pricing.

These are described in the Market Data (ESP) section.


EBS offer a real-time post trade solution for deals executed on EBS Direct via a Trade Capture Report (TCR) FIX session. Other options are available. 

It is recommended that you consume an STP feed alongside your trading feed (for reconciliation purposes in the unlikely event of a Production issue).

System Schedule

EBS FIX Servers are available 6am on Sunday until 5pm on a Friday. Value date rolls for most pairs at 5pm New York Monday to Friday. Both system close and value date rolls observe New York DST (Daylight Savings Time).
The ideal configuration is to connect on a weekly basis using standard tenor codes. This will ensure you receive pricing as soon as possible after value date rolls (Market Data subscriptions automatically rollover with no need to re-subscribe).


17:00 Sunday

Start FIX session, subscribe to Market Data.

17:00 Monday – Thursday

Pricing & Trading stops. No orders should be submitted during this time.
Value dates roll.

17:00 Friday

Stop FIX session, reset sequence numbers.

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